Savills put Woking's Peacocks shopping centre up for sale

By TBM Team

5 September 2022

Share

The Business Magazine article image for: Savills put Woking's Peacocks shopping centre up for sale

Administrators Grant Thornton have just instructed Savills to market The Peacocks Centre in Woking, the sizeable shopping mall, for offers in excess of some £25 million.

The Peacocks Centre has well over half a million square feet of retail space spread across its 80 units, including significant anchor tenants already in place such as the clothing retailers H&M, Primark, TK Maxx and Next. The mall also includes a food hall on the lower concourse, which serves as the centre's principal food and beverage provider, with current sitting tenants including eateries such as McDonald's, KFC, Chopstix and Subway.

Additionally, the shopping centre includes a 137,000 sq. ft. former Debenhams store, which has the opportunity to supplement the mall's strong shop line-up with a new department store client or strengthen the asset with something else and driving the business towards becoming more of a mixed-use destination.

Savills is also one of the joint agents in charge of the sale of the Rushmere Shopping Centre and Retail Park in Craigavon in Northern Ireland, which recently went into administration and are now on the market as part of a larger portfolio of shopping centre assets.

I know I was only here in March, but, revisiting now, the Peacocks shopping centre in #Woking really is a breathtaking - some might say overblown - thing.

It genuinely is the nearest I've seen to a cathedral of retail. pic.twitter.com/jN3EFRN81I
— Graham Soult FIPM (@soult) August 15, 2019

David Warnock is the Joint Administrator at Grant Thornton. He said this about the sale: “The Peacocks Centre is a modern well located scheme, which has benefited from a multi-million pound refurbishment of Jubilee Town Square and the Victoria Square development. The Centre is the second of three schemes that are being sold under separate administrations, with Rushmere Shopping Centre and Retail Park, Craigavon currently on the market and Magowan West, Portadown due to be released for sale in early September.”

Head of Shopping Centre Investment and Repurposing at Savills, Mark Garmon-Jones, said: “The Peacocks Centre provides an opportunity to acquire a quality scheme, recently refurbished, in an affluent South East town with significant asset management potential to increase the income to circa £4.5m.”